Crude oil prices down sharply in fourth quarter of 2014 . . . Domestic crude oil production increased 1 2 million barrels per day (bbl d) in 2014, up 16% from 2013 At 8 6 million bbl d, U S production is at the highest level in nearly 30 years The Brent-WTI spread averaged less than $6 bbl, significantly lower than the 2011-13 average of nearly $15 bbl